Low Cost Life Insurance

by Jeff Rose on September 6, 2016

Low Cost Term Life Insurance

If you’re reading this, you’re most likely interested in finding the lowest cost for term life insurance.

First you need to decide what kind of term life insurance you want or need.

Term life insurance comes in various packages lasting a certain number of years. You can get 5-year term life insurance all the way up to 100-year term life insurance, depending on the insurance company.

Purpose of Life Insurance Coverage

Remember that the purpose of term life insurance is to guarantee your premiums will not change during the duration of the term.The reality is that term life insurance quotes change all the time, and are custom fit to suit your needs and your unique financial and medical situation, so if I were to list all the term life insurance rates as of this writing, it would be outdated by the time you read this.

However, there are several tips and suggestions to help you find the right term life insurance for you without breaking the bank.

If the duration of the term doesn’t matter to you and you’re just looking for the absolute cheapest term life insurance rate, there are ways to improve your chances of finding the cheapest plan in the great deluge of term insurance plans out there.

If you came across this article with whole life or lifetime life insurance in mind, keep in mind that 100-year term life insurance is almost always cheaper than whole life coverage insurance, and will cover you for essentially as long as you will live. Even if you’re fortunate enough to live past 100, many 100-year term life insurance plans will continue covering you past your 100th birthday and completely drop all your premiums. Talk about a nice centennial birthday present!

Joint Life Insurance

Another suggestion, and one you may be familiar with, is to find a joint term life insurance plan if you’re married. Typically you can save at least 10% or more compared to getting two separate term life insurance plans.

Something you might not be familiar with is the option to pay for your term life insurance premiums annually rather than using monthly payments. Typically, if you opt for this method of term life insurance payments, you can pay a little less over the course of a year versus paying monthly for 12 months. Not only will this save you money, it also makes paying your bill easier. Instead of having to remember to pay every month, you’ll only pay once a year.

And I think it goes without saying that you should shop around online for term life insurance quotes. There is a great variety of sites that even compare life insurance quotes to help you find cheap life insurance for you and your family.

If you’re looking for the cheapest life insurance available, there are a couple little tricks to help you get it. Before you pick a policy, get quotes from several different insurance companies. Each company has different rating systems and pricing ranges for policies, which means that you could get drastically different premiums for the exact same coverage.

The other way to get the lowest rates is to focus on your health. There are several determining factors that go into calculating your monthly premiums. If you want low cost life insurance, making simple lifestyle changes can keep more money in your pockets. Some of the things you can do are losing weight, being active, and quitting smoking.

Being listed as a smoker on your application will cause your monthly rates to go through the roof. In most cases smokers are going to pay twice or even three times more than nonsmokers. If you want to secure low cost coverage, it’s time to kick the cigarettes.

Similarly, losing weight will not only help your waistline, it will also help your bank account. Being overweight or obese increases your risk of having severe health complications later in life. The risk that you pose to the insurance company, the more they are going to charge you in premiums.

Life insurance is one of the most important purchases that you will make for you and your family. Having the coverage that you and your loved ones deserve shouldn’t break your bank. In most cases a quality life insurance is more affordable than most people think. You can’t put a price on the peace of mind that your life insurance plan will give you.

Here are some basic quotes for healthy individuals rated at Preferred Plus:

For Men

30 Year Policy
Age$100,000$250,000$500,000
30$147$225$385
40$204$342$620
50$403$798$1,535

For Women

30 Year Policy
Age$100,000$250,000$500,000
30$125$190$315
40$167$278$495
50$316$588$1,115

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